A year ago today, President Trump unveiled his so-called “liberation day” tariffs, fueling a steady increase in the cost of living for Americans
A new report from Senator Reverend Warnock shows just how much Georgia families have been forced to pay as a result of the president’s tax on working families
President Trump’s tariffs have cost Georgia families an extra $1,700 a year since going into effect
Nearly 90% of tariff costs are being shouldered by American consumers and businesses
Senator Warnock: “The President has failed in his promise to bring down costs, but I remain committed to making life more affordable for all Americans”
Washington, D.C. – Today, U.S. Senators Reverend Raphael Warnock (D-GA), Senate Minority Leader Chuck Schumer (D-NY), Finance Ranking Member Ron Wyden (D-OR), and Small Business Committee Ranking Member Ed Markey (D-MA) released a new report titled “Broken Promises” highlighting how President Trump’s global trade war has increased the cost of living for American families and small businesses, raised unemployment, and destabilized the U.S. economy.
One year ago, President Trump declared April 2, 2025, “Liberation Day,” unveiling sweeping 10% tariffs on nearly every country, including close allies like Canada and Mexico. At the time, President Trump stated that these “reciprocal” tariffs would decrease the country’s trade deficit and revive American manufacturing. Instead, the president’s trade policy sparked global panic and volatility in markets, and caused the cost of living to spike for American families.
“The President’s reckless tariff policies have been bad for the people of Georgia from the start. These policies have continued to make things worse during a time when Americans are struggling to get by,” said Senator Reverend Warnock. “The President has failed in his promise to bring down costs, but I remain committed to making life more affordable for the people of Georgia and all Americans.”
“Trump has doubled and tripled down on his illegal and devastating trade war despite its primary achievement being higher costs for the American people. Trump instituted these tariffs with no Congressional oversight, no transparency, and no endgame. The result is only pain for consumers and businesses,” said Leader Schumer. “Trump’s trade war is just another broken promise to Americans who were desperate for relief but were sold out to special interests and self-dealing. Senate Democrats are continuing to fight for American families and workers and to bring down costs as Trump drives up prices, cuts jobs, and destabilizes our economy.”
“Americans know Trump’s trade taxes have been a price-hiking disaster. Trump is taking money out of the pockets of families walking an economic tightrope, by slapping huge taxes on groceries and other essentials. Trump promised his tariffs would lead to more manufacturing jobs and help small businesses,” said Senator Wyden. “In reality, Trump’s manic tariff policy is killing U.S. manufacturing jobs and making it impossible for companies to predict what’s around the corner. It’s time for Congress to step in, exercise its authority over trade, and axe Trump’s tariffs.”
“Trump’s so-called Liberation Day was Obliteration Day for many small business owners and families in Massachusetts and across the country. One year since Trump’s Obliteration Day, Main Streets have turned into Pain Streets. Small businesses and families were forced to pay billions in Trump’s illegal tariff taxes,” said Senator Markey. “We lost nearly 90,000 manufacturing jobs, small business bankruptcies jumped 10 percent, and the economy went tumbling. I will keep fighting alongside my colleagues and America’s small businesses and families every single day to return every cent Trump illegally took to the American people and finally put an end to Trump’s Pain on Main Street.”
Senator Warnock continues to push back against the Trump administration’s reckless tariff policy and the uncertain market conditions it creates for Georgia businesses. In March, Senator Warnock introduced the Reclaim Trade Powers Act, legislation that would end President Trump’s indiscriminate 10% tariff on most global goods. As ranking member of the Finance Subcommittee on Trade, Customs, and Global Competitiveness, Senator Warnock has oversight jurisdiction over federal trade policies and continues to work to foster a financial climate that bolsters the Georgia economy.
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